Rising Demand for Targeted Cancer Treatment
Cancer arises from the transformation of normal cells into tumor cells in a multi-stage process that generally progresses from a pre-cancerous lesion to a malignant tumor. Cancer pain can arise due to tumor compressing or infiltrating tissue. There are various risk factors that cause cancer such as tobacco use, alcohol use, unhealthy diet, physical inactivity, air pollution and rise in chronic infection in low and middle income countries. The developing countries are at higher risk for prevalence of cancer. The environmental factors such as smog over cities, polluted drinking water, chemical in food, poor air quality are some of the few exposures in the environment that may cause cancer. The rapid changes in lifestyle and environmental factors are largely responsible for common cancers which are more prevalent in Western countries. According to the Globocan 2020 fact sheet, an estimated 19.3 million new cancer cases were diagnosed worldwide resulting in 10 million deaths globally. Radiopharmaceutical drugs are being increasingly used for cancer treatment, predominantly due to its ability to destroy specific diseases cells using high intensity radionuclides. These factors are boosting the demand of the global radiopharmaceutical theragnostic market worldwide.
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Healthcare professionals are increasingly opting for radiology-based targeted drug delivery options, especially in the advanced economies where there is a higher awareness about this system. Based on studies, around 90% of the patients who received targeted drug delivery suggested that they will recommend the same to their family members or friends. Companies are increasingly working towards the reduction of complications associated with radiopharmaceuticals by developing algorithms that can target specific cells. The overall impact of nuclear medicine on other parts of the body can greatly be reduced with the help of targeted attack on cancerous cells. Companies are increasingly looking at mergers and takeovers in the global radiopharmaceutical theragnostic market. Australia-based Telix Pharmaceuticals, for instance, licensed its radiopharmaceuticals portfolio to a Chinese firm named China Grand Pharma. Major pharmaceutical player AstraZeneca, on the other hand, entered into a partnership with US-based Fusion Pharma to jointly develop radiopharmaceutical therapies for the treatment of cancer.
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Incorporation of Advanced Technologies is Expected to Create Growth Opportunities
The incorporation of AI in theragnostics is expected to further help in faster and more personalized development of theragnostic solutions, depending on the needs of the individual. Nuclear medical imaging for theragnostics purposes can be made more efficient with the help of artificial intelligence algorithms. There is an increase in investment on research & development in order to provide innovative and efficient cancer detection and treatment solutions. Several major pharmaceutical companies are increasingly investing in the radiopharmaceutical theragnostics market. The market participants are tying up with some of the pharmaceutical companies, along with government bodies, for the development of theragnostics solutions for cancer treatment. Furthermore, the rise in cases of cancer, especially amongst young adults and children, is expected to fuel the demand for faster and efficient cancer theragnostics solutions, as government bodies are increasingly developing strategies to counter the growth of cancer, which is in turn expected to fuel the growth of global radiopharmaceutical theragnostic market.
Some of key players operating in the global radiopharmaceutical theragnostic market are Advanced Accelerator Applications, A Novartis Company, Chimeric Therapeutics Limited, Fusion Pharma, Lantheus Medical Imaging, Inc., NanoMab, NuView Life Sciences, PentixaPharm GmbH, Precirix, RadioMedix, RayzeBio, Telix Pharmaceuticals Limited, Theragnostics Ltd and Vect-Horus, amongst others.
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Global Radiopharmaceutical Theragnostic Market
By Clinical Trial Phase
- Phase I
- Phase II
- Phase III
By Application
- Thyroid cancer
- Brain cancer
- Lymphoma
- Others
By Route of Administration
- Oral
- Intravenous
- Interstitial
By End-Users
- Hospitals and Clinics
- Pharmaceutical Companies
- Research Centers
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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